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IRIDEX Reports 2012 Second Quarter Results
Date:8/2/2012

MOUNTAIN VIEW, Calif., Aug. 2, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter ended June 30, 2012. Due to the sale of the Company's aesthetics laser business in February 2012, the Company's financial statements reflect the results of its aesthetics laser business as discontinued operations and the following commentary relates to the results of its continuing ophthalmology business. 

  • Revenues from ophthalmology were $8.4 million in the second quarter of 2012, up from $8.1 million in the prior year comparable period and up sequentially from $8.3 million in the first quarter of 2012.
  •  For the second quarter of 2012, net income from continuing operations was $0.4 million or $0.04 per diluted share, compared with net income from continuing operations of $0.9 million or $0.09 per diluted share reported in the second quarter of 2011.  Net income for both periods includes other income of approximately $0.8 million associated with the settlement payment from a 2007 patent lawsuit.
  • Gross margin for the second quarter of 2012 was 48.7%, comparable to 48.7% in the prior year period.  While the gross margins were just below our guided range, several non-recurring adjustments impacted cost of revenues in the period and indicate the Company's ability to drive gross margins to its target of 50% in the coming periods.
  • As anticipated, operating expenses edged up in the second quarter of 2012 to $4.5 million compared to $3.7 million in the prior year period. Costs in the second quarter of 2012 included major trade shows as well as increased spending on new marketing and product development initiatives.
  • Guidance for third quarter: The Company expects to achieve revenue between $8.4 million and $8.8 million, gross margins between 49% and 51% and operating expenses between
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  • SOURCE IRIDEX Corporation
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